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Internal Audit

Executives, boards of education, and audit committees seek ways to drive greater efficiencies and the assurance that internal controls and processes are effective.  At the same time, technology advances may expose your entity to additional risks to your security, data integrity, and even business continuity. When was the last time you looked at your internal audit function? An effective internal audit process can identify inefficient practices, internal fraud, and mitigate risks that can interfere with the efficiency of your operations.

Typically, internal audits address risk governance, controls, and compliance. The process must be aligned with your goals with input from all levels of the organization. When you’re busy with day-to-day operations, it can become difficult to spot opportunities for improvement. Smaller entities do not have the internal resources to conduct regularly scheduled internal audits.

Our Approach

At Lumsden McCormick, we are accustomed to helping entities of all sizes mitigate risk through a proven internal audit process. Our Internal Audit Team will perform a comprehensive assessment of your risk environment, incorporating existing controls, while recommending new controls deemed appropriate to mitigate any gaps in your internal controls.

We work proactively with you to conduct effective risk assessments and then prioritize risks from high to low. Next, we develop test controls to address the greatest risks. We’ll work collaboratively with your management team in the reporting stage to ensure that the issues uncovered during the assessment are being addressed appropriately.

In addition to the steps outlined above, our Internal Audit Team offers:

  • Development and execution of audit testing programs
  • Internal audit consulting
  • Reviews of completed testing
  • Risk assessments
  • Client training, development, and delivery

As risk increases, it is increasingly important to ensure that internal controls are operating effectively. Choosing an independent auditor with the skilled resources and practical experience to oversee the process can go a long way in creating a sustainable control environment.

For more information about Lumsden McCormick Internal Audit Consulting Services, please contact Sara M. Dayton or complete the form below.

Services Leaders

Sara Dayton

Sara M. Dayton, CPA

Seth Hennard

Seth D. Hennard, CPA, CGFM, CHFP

Elizabeth Krause

Elizabeth S. Krause, CPA

Mary Young

Mary F. Young, CPA, CIA


Upcoming Events

Webinar Series Part V: Changes to Lease Accounting and How it Impacts Your Organization

Webinar Series Part V: Changes to Lease Accounting and How it Impacts Your Organization

July 27, 2021

The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.

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Webinar Series Part VI: The Pandemic and the Economy - Where Are We Now?

Webinar Series Part VI: The Pandemic and the Economy - Where Are We Now?

August 10, 2021

As everyone knows, the COVID-19 pandemic has had a global impact beyond health and safety concerns.  With millions of Americans vaccinated, where does the economy stand and what can be expected across the Upstate region, New York State, the United States, and Canada?

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